All of Vermillion's employees have become Carlyle employees and will move into Carlyle's New York office to join Mr. Petrick's unit. Vermillion was founded in 2005 in New York by Drew Gilbert and Chris Nygaard, co-managing partners and co-chief investment officers. They will retain the latter title and will continue to manage the investments and day-to-day operations of Vermillion, Mr. Petrick said in an interview.

The 45% economic and ownership stake that Vermillion employees retain will be “a very strong incentive” for continued strong performance, Mr. Petrick said, noting that “Vermillion and Carlyle share very similar views about how to invest in commodities over the long term.”